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The Mortal Kombat maker announced today that it has filed for Chapter 11 reorganization for its U.S. operations. In a press release, the company blamed the move on a change in ownership that happened last fall. That change pushed forward the deadline for Midway to pay off some of its debt, an obligation “Midway anticipated it would be unable to satisfy,” the company said in a statement.

“This was a difficult but necessary decision,” Matt Booty, holder of Midway’s hat trick of titles — president, chairman and CEO — said in the statement.

Then, in one of the more humorous assertions ever from a company in such straits, Booty put a positive spin on things: “Midway enters this process with strong underlying fundamentals, as evidenced by solid fourth quarter sales that exceeded expectations.”